Four Swiss banks flout anti-laundering rules in Arab funds
Four Swiss banks flouted money laundering regulations in the way they dealt with banned Tunisian, Egyptian and Libyan assets, Switzerland's financial regulator FINMA said on Thursday.
"In four cases FINMA will open enforcement proceedings," said the regulator after an audit of the way 20 banks dealt with Swiss orders to freeze assets held by dictators and their relations in the three countries.
The regulator did not name the four banks in question but said there was "inadequate" enforcement of anti-money laundering rules.
© 2011 AFP